Rough day for Murdoch. Or is it?
News Corp has its hands in everything from publishing and newspapers to Internet, TV and movies. Today is the first day after News Corp President and COO Peter Chernin — who has been a critical force in News Corp’s success in movies and TV — said he was planning to leave the executive suite in June to make movies.
That leaves the 77-year-old Murdoch without his well-regarded No. 2 at a time when all media players are struggling with a dramatic advertising slowdown. That’s not good, right?
On the other hand, Chernin’s exit leaves the door open for Murdoch to personally run News Corp’s movie and TV divisions. In addition, it might open the door for Rupert Murdoch to give his son James (or perhaps Lachlan, who is not currently a part of the company) a crack at more power in the family business. For daddy Rupert, that can’t be all bad, right?
With all that on his mind, Murdoch also posted an apology related to a controversial cartoon the New York Post printed a few days ago, which many had labeled as racist, saying it likened President Barack Obama to an ape.
“Today I want to personally apologize to any reader who felt offended, and even insulted.”
“We all hold the readers of the New York Post in high regard and I promise you that we will seek to be more attuned to the sensitivities of our community.”
For what it’s worth, News Corp’s shares are up, so someone thinks these are good developments. What do you think?
Keep and eye on:
- Yahoo introduced several tools it says will help marketers target their ads more efficiently. (Reuters)
- Television viewing is at all-time high – the average American now watches more than 151 hours of TV a month. (LA Times)
- Thomson Reuters posted a stronger-than-expected quarterly profit. (Reuters)